Charlie Lee Criticizes Investors For Not Holding Onto Litecoin, Being Silly After Selling His LTC Stash
Charlie Lee, the creator of Litecoin (LTC), was recently interviewed on Laura Shin’s Unchained podcast and he defended his decisions to liquidate his LTC holdings at the same time that he said that investors should hold them.
Lee, who worked on Google in the last decade, has talked about his decision to sell the assets and affirmed that anyone who sold them because he did simply was being “silly” and did not understand Litecoin.
He decided to sell the tokens because people were accusing him of pumping the price of the token in order to get profits. To prove them wrong, he sold everything out in 2017.
He affirmed that he:
“liquidated the assets in the spirit of decentralization”.
What he apparently failed to understand back then was that people would just criticize him anyway. Some affirmed that he had no “skin in the game” and that he sold the crypto because it was bad. This seemed to anger him because he simply did not understand why someone would be so interested in why he was holding the assets in the first place.
Some people have affirmed that he should replenish his LTC holdings now because people would follow his example, especially since the bear market is long gone for the token since it has basically doubled its price since the end of the 2018 lows.
What nobody could argue is that Lee was afraid of volatility. He invested in Bitcoin when it was priced at $30 USD and saw its price decline to $2 USD, but he just kept holding his assets. He did not panic because he knew that the technology was good and that the money would eventually come back. It was the same with Litecoin.
The price drops often happen because people are too overhyped and affirmed that investors should not invest more than they can afford to lose because this can lead to dark scenarios.
Charlie Lee was inspired in Bitcoin when he created Litecoin, which is part of why LTC is known as silver to Bitcoin’s gold. If BTC is the ultimate digital gold, LTC is certainly the digital silver. Not as valuable as BTC, but a worthy investment all the same.
Litecoin was originally a side project and BTC only had a market cap of $100 million USD when LTC was launched. Now, BTC has a market cap of $99 billion USD and Litecoin is almost $5 billion USD. Everything turned out just fine, which is a inspiring story for crypto enthusiasts.